Toronto-based financial technology startup Wave has secured a $14.6 million investment, adding to the $22.1 million Series C financing closed in March, and bringing its total funding to $62.3 million. BDC Capital’s IT Venture Fund led the latest round and was joined by HarbourVest and existing investors Charles River Ventures and Social Capital. Founded in 2010, Wave provides financial software for small businesses, offering services in accounting, payments, invoicing and other areas. It said it expects to reach annualized revenue of over $20 million by the end of 2016. Wave plans to use the funds raised to accelerate R&D and team expansion.
3 min read · 25 October 2016
Kinduct, a fitness and health data and analytics provider, has raised about $12 million (US$9 million) in a Series A financing. Intel Capital led the round and was joined by existing investors, including John Risley via CFFI Ventures and Elysian Park Ventures. Founded in 2010 by CEO Travis McDonough, Halifax-based Kinduct has developed cloud software that enables organizations to analyze athlete, patient or client data and then use insights to inform decisions and drive performance. It plans to use the funds raised to enhance products earmarked for sports segments, and to expand into the health, wellness and public safety markets.
4 min read · 24 October 2016
Sagard Capital Partners and Fairfax Financial have entered into a confidentiality agreement relating to Performance Sports Group Ltd, a U.S. maker of sports equipment and apparel. Sagard, which owns about 16.9 percent of the company's shares, said it and Performance Sports have discussed the possibility of undertaking a restructuring deal and other strategic options. Sagard added it may undertake a deal in partnership with Canada's Fairfax. Reuters reported earlier this month that Brookfield Asset Management is also considering a bid for Performance Sports.
5 min read · 24 October 2016
Logan International Inc (TSX: LII), a Canadian maker of tools used in global drilling and production activities, has been acquired by an affiliate of Rubicon Oilfield International Holdings LP. Shareholders of Calgary-based Logan received about $1.6 in cash for each common share held. Rubicon, a Houston, Texas manufacturer of oilfield products, is backed by a line-of equity investment of up to US$300 million from Warburg Pincus, a U.S. private equity firm. Logan has been a portfolio company of Cadent Energy Partners since 2006.
4 min read · 24 October 2016
Analyze Re, a Canadian software analytics provider for the reinsurance and insurance industries, has been acquired by Verisk Analytics Inc (Nasdaq: VRSK). No financial terms were released. Founded in 2013, Halifax-based Analyze Re raised a $1.4 million financing in the same year from Canadian investors Innovacorp, BDC Capital and Rho Canada Ventures. Verisk, a New Jersey data analytics provider, said the acquired company will form part of its affiliate, AIR Worldwide, and support the provision of more pricing, exposure management, and portfolio roll-up capabilities to clients.
3 min read · 24 October 2016
Online lending platform Lendful Financial Inc has raised undisclosed equity financing. The investors included Canada's Alterna Savings, parent company of Alterna Bank, which provided debt funding to the startup in January. Vancouver-based Lendful, which is also backed by Stanley Park Ventures and Ferst Capital Partners, said it is also preparing for a Series A round in early 2017. Founded in 2015, Lendful provides unsecured loans of up to $35,000 to consumers across Canada. It said it recently made senior management hires, as well as technology enhancements.
3 min read · 24 October 2016
The big story in Canada’s venture market in 2016 is larger rounds. A growing number of well-funded deals, like September’s US$120 million financing of Thalmic Labs, are providing unheard-of resources to startups looking to compete in global markets. VC funds have invested $2.2 billion in Canada so far this year, according to preliminary Thomson Reuters data, much of which has gone to deals sized north of $20 million.
3 min read · 23 October 2016
3 min read · 22 October 2016
Alternative assets investor Kensington Capital Partners has been appointed by the British Columbia government to manage its new $100 million BC Tech Fund. Toronto-based Kensington, which closed Kensington Venture Fund at $306 million in March, also announced the opening of a new office in Vancouver. It will be led by Dr. Gerri Sinclair, the firm's new managing director. BC Tech Fund will invest in local venture capital funds and companies based in IT, digital media, clean technology and life sciences sectors. It made a debut investment in Mojio Inc, a Vancouver connected car app platform. Mojio's other investors include 500 Startups, Amazon, BDC Capital and Relay Ventures.
4 min read · 21 October 2016
An Intuit QuickBooks Canada survey of over 500 small businesses found a large number of entrepreneurs are not prepared to make pitches to investors. According to the results, many entrepreneurs do not plan to bring key indicators of business health to a pitch. One in 10 entrepreneurs do not plan to prepare anything. Intuit QuickBooks Canada said a lack of financial literacy is a primary reason why small businesses struggle to access capital. It announced a new program, Startup Foundations, to help educate and support up to 10,000 Canadian startups in this area.
5 min read · 21 October 2016
